New hotel, office construction to erase gap between OKC's Innovation District and downtown
The Innovation District, a relatively new reference to the cluster of hospitals, science labs, schools and bio-tech firms east of Interstate 235. Construction is set to begin later this year on two projects in Oklahoma City, which will eliminate a decades-long gap between the Innovation District and downtown. The Berry Rock building, set to be built at NW 5 and Walnut Avenue, will be home to Prism Bank and Berry Rock, a residential financing and development company. The Urban Renewal Authority approved plans for the project after changes to the original proposal altered the building's appearance and replaced underground parking with a surface parking lot. The project qualified for $3.14 million in tax increment financing due to a higher-than-expected land value appraisal. Once completed, the two sides of I-235 will be fully developed with offices, housing and restaurants between NE 4 and NE 9.
gepubliceerd : 10 maanden geleden door Steve Lackmeyer, The Oklahoman in Business
Construction is set to start later this year on two projects that will erase a decades-long gap between Oklahoma City’s Innovation District and downtown.
The Innovation District, a relatively new reference to the cluster of hospitals, science labs, schools and bio-tech firms, has developed over the past half century east of Interstate 235. Downtown development, meanwhile, has continued east through previously blighted property and the highway easement west of I-235.
The Berry Rock building, to be built at NW 5 and Walnut Avenue, will be home to Prism Bank and Berry Rock, a residential financing and development company.
The Urban Renewal Authority this week approved plans for the project to proceed after changes to the original proposal that altered the building’s appearance and replaced underground parking with a surface parking lot.
“We've tried to kill this project four or five times,” co-developer Andy Burnett joked. “The economics of it have been hard in this environment. The tenants really want to be in this location.”
Kenton Tsoodle, director of the Oklahoma City Urban Renewal Authority, said the project qualified for $3.14 million in tax increment financing thanks to a higher-than-expected land value appraisal.
The deal provides $1.5 million up front upon building completion with the rest to be paid out at 90% of ad valorem taxes assessed for up to 15 years. The amount of the TIF payments over 15 years is capped at $1.6 million and the developers agreed to make a minimum annual tax payment of $210,000.
What to know about the Berry Rock building design
Architect Rand Elliott originally drew up renderings for a building with an all-glass façade and a curved frontage facing the highway. The design is now more typical of a suburban office building, but with lit framing designed to be an homage to the nearby flatiron-shaped buildings.
The site is on former state highway easement between entry and exit ramps.
“Because it’s essentially ODOT right of way, its position is interesting,” Elliott said. “As you go south (on I-235), this building will have a wonderful presence. We see it as a gateway building entering downtown.”
Co-developer Cameron Rock said the four-story building reflects his company’s interest in being downtown and also is close to the Convergence development being built on the east side of I-235.
An office building and innovation hub are both nearing completion and developer Mark Beffort is looking at starting construction later this year on the Stiles Hotel, a seven-story, 110-room boutique operation that will face out onto a rebuilt and expanded Stiles Park.
Once the projects are completed, the two sides of I-235 will be fully developed with offices, housing and restaurants between NE 4 and NE 9.
This article originally appeared on Oklahoman: Construction to erase gap between Innovation District, downtown OKC